Talk about a win-win situation. With a stroke of her pen, Dale Collins donated $50,000 to Victoria Hospice by naming Hospice as the beneficiary on her life insurance policy. Her decision means she’ll receive annual tax receipts for her premium payments to the life insurance policy, and, down the road, Hospice will receive a significant $50,000 donation from the redeemed policy.
Dale is in the insurance and financial planning business, so she knows how powerful this form of giving can be. As the owner of Prosperity Planning, one of her specialties is estate planning. So why did she designate Victoria Hospice for her generous gift?
“I often read obituaries of my own clients and others that thank Victoria Hospice. And although I didn’t know much about Hospice, I started to think it must be a pretty amazing place. I was curious and I wanted to find out more about it,” she says.
So Dale contacted Tom Arnold, Major Gifts Officer at Victoria Hospice. Shortly after their meeting, she made up her mind and wrote up the policy on her own life.
Now, in addition to her generous gift, Dale wants to spread the word about how effective this type of planned giving can be for donors and the charities they want to contribute to.
“I do give cash to charities, but because I sell life insurance, I realize that this is another way I can do it and also help educate other people, especially when they ask me about this,” she says, pointing to a thank you plaque from Hospice that sits on her desk. “It gives me an opportunity to tell others how they can turn affordable charitable donations into a sizeable financial gift.”
“People are often looking for more creative ways to make their charitable dollars go further,” says Tom Arnold. “Life insurance can be an exciting tool that allows donors to turn regular, affordable contributions into even bigger gifts for Victoria Hospice, while also providing significant tax benefits. Best of all, it's surprisingly easy to do.”
How about you? Do you have an old insurance policy that you have been paying into? You can change the beneficiary to Victoria Hospice. Or perhaps you’re looking for a way to contribute that gives you some tax relief right now, and results in a significant donation down the road to Hospice? Such planned giving can help you make a bigger difference than you might think. For more information, contact Tom Arnold at Hospice at 250-519-1749 or [email protected].
Many Victorians have benefited from the services provided by Hospice. This is a way to give back and to help ensure that the quality end-of-life care that made a difference in the death of your loved one continues to be available to others.